Altcoins Talks - Cryptocurrency Forum
Further Discussions => General Discussion => Topic started by: PaulPeterPedro on November 10, 2023, 02:03:26 PM
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
My two best methods are;
1. Review my budget. You know, reduce my expenses and increase my savings.
2. Diversify my income. I diversify my income by investing in various niches like crypto and bonds. Lately there has been a lot of opportunities in Crypto and I am taking advantage of the ones I can.
Quick question, is your friend into crypto?
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
My two best methods are;
1. Review my budget. You know, reduce my expenses and increase my savings.
2. Diversify my income. I diversify my income by investing in various niches like crypto and bonds. Lately there has been a lot of opportunities in Crypto and I am taking advantage of the ones I can.
Quick question, is your friend into crypto?
It seems those are solid strategies.
As for my friend, he's just dipping his toes into the crypto waters. Any specific tips or experiences you'd share regarding crypto investments in times of inflation?
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The economy of the world deteriorates all over and not just in Nigeria, the only difference is that ours seems like a higher degree of hardship considering our starting point which was already below the right standard of living. Inflation keeps occuring, cost of living increases, survival rate decreases, financial plans altered to shit the nature of the economy that isn't fixed. The inflation problems currently won't stop and it's definitely going to stay a while.
The solution for everyone at this times would be to retrace our steps, go back and redraw our blue print of financial growth, restrategize and let the plans work in hand with the current economic situation too. Investment would also be an added advantage as it's certain to yield better and higher returns in both the short amd long run. There are several options as to settling in an investment, crypto, real estate, business in general too. All options works perfectly, even if losses may partially occur, there are still higher yield ahead of these losses.
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Every person wants to battle inflation which is logical because it make individuals slightly poorer by the day.take for example a person who made a fixed deposit of $100 10 years ago has actually made a great loss .this is because the value of most currencies drop by the day therefore the same $100 which could buy items worth $200 presently won't be able to purchase them anymore.so if Mr had invested in something that would appreciate value over time such as BTC Mr would have made a lot more cash instead of losing.
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Every person wants to battle inflation which is logical because it make individuals slightly poorer by the day.take for example a person who made a fixed deposit of $100 10 years ago has actually made a great loss .this is because the value of most currencies drop by the day therefore the same $100 which could buy items worth $200 presently won't be able to purchase them anymore.so if Mr had invested in something that would appreciate value over time such as BTC Mr would have made a lot more cash instead of losing.
You are right... it makes sense for people to try to fight inflation. Inflation makes money lose its value over time... so it is important to find ways to keep... and increase wealth. Your example... of a fixed deposit losing value because of the currency getting weaker is a good way to show this.
One way to fight inflation is to invest in things... that can go up in valu... like Bitcoin. Bitcoin is a type of digital money that has a limited supply... and is not controlled by any one person or group. This means it is less likely to lose value... because of inflation. By investing in Bitcoin... you have a chance to make your wealth grow instead of shrink.
But it is important to know that investing in anything... including Bitcoin... has risks. It is important to do research... understand the market.. and make smart choices when investing. But for people who want to protect their wealth from inflation... looking into other investment options like Bitcoin can be a good idea.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
I would say in times of inflation one should reduce their daily expenses and should live a frugal lifestyle. You should try to invest in an asset that is known to increase in value during inflation, an asset like Bitcoin works like a charm during inflation times.
Try to invest the rest of the money into a commodity like gold because during inflation the fiat losses its value to very high extent but gold preserves its value. Those steps should be enough to help you live happily during inflation times.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
If inflation increases in the country, the local currency of the country will lose value. If you keep money in the bank, stop keeping money in the bank if inflation rises in your country. Besides, keeping money in the bank means keeping money under the control of others. Don't live in luxury if inflation occurs. Buy things according to your needs, avoid buying unnecessary things. If you have savings then invest in Bitcoin and Gold Silver. If you don't have savings then try investing some amount from your income in Bitcoin using DCA method.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
This is where proper investment comes in. Pardon me, but I believe we, as individuals, have no power to address the issue of inflation affecting society. To survive in this game, it requires consistent hard work and investing your money in the right places.
Reason for investment: Investment comes in handy in critical cases where there are no further options. Trust me, it has helped me, and I believe it has also helped others.
Having multiple sources of income is advisable, but we should also consider the paychecks that come in from all of them. Living a simple lifestyle can also help secure financial safety.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
It's a very significant question. A high rate of inflation can reduce the value of savings and make it more difficult for individuals to maintain their quality of life. To help protect financial stability, however, a few actions can be performed. One way to reduce the impact of inflation on your investments is to diversify them by allocating funds among a range of assets. Reducing debt is another, since paying off debt can become more costly when interest rates rise. Lastly, it's critical to consistently save money and accumulate an emergency reserve to protect against unexpected financial shocks.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
It's a very significant question. A high rate of inflation can reduce the value of savings and make it more difficult for individuals to maintain their quality of life. To help protect financial stability, however, a few actions can be performed. One way to reduce the impact of inflation on your investments is to diversify them by allocating funds among a range of assets. Reducing debt is another, since paying off debt can become more costly when interest rates rise. Lastly, it's critical to consistently save money and accumulate an emergency reserve to protect against unexpected financial shocks.
It all just sounds beautiful, but in fact few people can do so ( to save, move to other assets and then more ), people tend to just save and that's it, I will not talk about those who are on this forum, here many experts in this and have several different investments, but here ordinary people it is alien and prove to them as right is very difficult.
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In order to thrive during an inflationary period, one must consistently work hard and make investments.
When we talk about investing, the Bitcoin investment is the only thing that springs to mind. Because money loses value over time due to inflation, therefore it's critical to discover ways to preserve and grow wealth. Using Bitcoin and engaging in real estate investment are the only ways to do this. Additionally, you should have multiple sources of income, cut costs, and make prudent investments to lessen the effects of inflation.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
The solutions available to you vary depending on your country, the nature of inflation, the tools available to you and the diversification of your assets. If you are in countries where there is no direct access to stocks and bonds and there are restrictions on foreign exchange, then the tools available to you are much less than a person in another country who has these same tools.
Also, inflation is a symptom of a disease, and there is no single cause for inflation. There is global inflation, and your country cannot do anything to reduce its effects, such as inflation related to logistical factors, shipping costs, the global interest rate, resource scarcity, and political challenges.
There is inflation, the effect of which can be reduced by investing in the dollar or Bitcoin, or investing in service costs such as transportation and shipping (if fuel prices are stable).
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
Inflation is only what percentage annually? Probably 5-10% depending on where you live... so it's not a big problem if you have income. Let's say your salary didn't increase as much as the inflation, you'd probably get by with stricter budget allocation or frugal living in the popular term.
Depending on your income, you can hedge your savings in a stable and safe mutual fund, e.g., money market or bond mutual fund...
If you talk about investment, it's a completely different game since you risk your money for some return, so there's no "safety" in it.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
Bitcoin is a hedge against inflation; that's why many people are investing in it. Some Bitcoin whales invest a huge amount of money in Bitcoin because they know that if they keep that money in their local currencies, it will be devalued and the purchasing power of the money will reduce because of inflation. Some rich men and women who also know about Bitcoin are investing in it because their investment will appreciate rather than depreciate.
To be financially safe during inflation, you have to invest in an asset whose value is always appreciated. Don't just keep your money in the bank or use it to acquire liabilities, thinking they're all assets. Anything that causes you to spend more than the value you are deriving from it is a liability, and therefore you should invest in a quality asset that can generate a lot of value for you.
Bitcoin is a good asset. If you also want to hold fiat. then you can exchange it for a dollar or any currency in which you know that the value will always appreciate against your local currency.
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Inflation hit really hard specially in 2023. Many well know companies even go bankrupt. To deal all this is not easy. Some analyses are saying we will even see bigger inflation in 2024.
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Inflation hit really hard specially in 2023. Many well know companies even go bankrupt. To deal all this is not easy. Some analyses are saying we will even see bigger inflation in 2024.
Who know that in 2024 inflation may not get any bigger because we have already seen very high inflation spikes in 2023 and I believe in 2024 things will start to change.
At least in 2025 we won't be having that high inflation. Let's be optimistic and we may have some deflation in 2024 instead of inflation.
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Inflation hit really hard specially in 2023. Many well know companies even go bankrupt. To deal all this is not easy. Some analyses are saying we will even see bigger inflation in 2024.
Talking about inflation, there will definitely be greater concerns from every country but indeed looking at the current situation it seems that all countries will start a new era because we know that the inflation that occurred in the past few years occurred due to several factors such as political conflicts between several countries that required war and of course the covid that hit and weakened the world from all sectors including the economy.
Now we have to start cleaning ourselves from scratch again because in the end this is something we have to do to improve our condition in order to avoid the problem of inflation.
In my country, economic experts say that the current situation regarding inflation is still under control but indeed this is also not a reference because in the end we must remain alert and careful so that when inflation starts to get higher we have prepared for it.
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In my country, economic experts say that the current situation regarding inflation is still under control but indeed this is also not a reference because in the end we must remain alert and careful so that when inflation starts to get higher we have prepared for it.
When economists say that the situation is under control, this does not mean that inflation and high prices will end, but the course of the economy is according to economic plans, which begin this year by starting to reduce inflation to reach low levels by 2026. Therefore, high prices and suffering will continue, but they will be less than in previous years, and at the end of the road there is hope. The rate of decrease in inflation and control of financial policies varies between countries.
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As commoners unfortunately we can't stop or control inflation. it's big corporate or govts jobs to do that. but we can take necessary steps to invidiually make ourself safe or at least reduced the effects of Inflations.
First of all we should try to reduce our expenses as much as possible. don't over spend or waste money anywhere. like big parties, alcholol, necessary foods etc. by cooking and eating at home we could reduce our food expenses by a huge margin.
Second we should try to earn as much money as possible. and increase our savings. because if a huge inflation come then savings would be the life saving for us.
Inflation hit really hard specially in 2023. Many well know companies even go bankrupt. To deal all this is not easy. Some analyses are saying we will even see bigger inflation in 2024.
Who know that in 2024 inflation may not get any bigger because we have already seen very high inflation spikes in 2023 and I believe in 2024 things will start to change.
At least in 2025 we won't be having that high inflation. Let's be optimistic and we may have some deflation in 2024 instead of inflation.
Lets hope so. but all things going on in the world (Wars and chaos) I am afraid inflation will keep rising with time.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
(1) Hold on to your coins and do not be moved by marketing rumours.
(2) Hodl and accumulate as much in preparation before inflations so you could make prominent profits at your sells.
(3) Keep your key phrases secured and private.
(4) Spend your funds responsibly.
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Lets hope so. but all things going on in the world (Wars and chaos) I am afraid inflation will keep rising with time.
I think you're also right that the wars that are going on could increase the intensity of the inflation but we should still be optimistic and think about deflation. Maybe in this bull-run we should see some deflation instead of inflation, Bitcoin will play a very important role either directly or indirectly.
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A few days back, my friend looked worried about rising inflation. He asked, "How can we stay safe?" That got me thinking – how do you ensure financial safety during inflation?
Having assets that withstand the test of time will surely makes it a win/win situation for us during inflation. Acquire Bitcoin, precious metals and real estate and you'll feel safe during that time.
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Well the inflation hit really hard specially in last few years also consider assets that are known to perform well during inflationary periods. Treasury Inflation-Protected Securities (TIPS), commodities, and real estate are examples of investments that may provide a hedge against inflation.
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Inflation is something that a country cannot get rid of because it is part of the economy, but hyper inflation becomes a problem to individuals in that country because it will affect their cost of living. Investing in asset like bitcoin, gold and real estate is the best way that your money will be safe from depreciating with time. My country inflation is high and if you want to keep the money that you will be spending weekly or monthly, it is better that you keep it in USD, as for investment, those investments that I mentioned above is safe to invest in. Fiat is depreciating and only investment will save investors funds in future, when you know the right investment to put your funds.